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PG&E Issues Statement Following Meeting With Governor's Staff

02/16/2001

SAN FRANCISCO - Pacific Gas and Electric Company issued the following statement after several of its representatives met today with members of Governor Davis' staff:

"PG&E wants to make clear that it is not seeking a rescue or a bailout. We are asking the state simply to follow the law, which allows us to recover wholesale power costs incurred for our customers, and which recognizes that our rate freeze should have ended last summer. Any solution must be fair both to shareholders and ratepayers. The Governor's framework does not yet meet this objective."

"Our team continues to be willing to negotiate to achieve a fair solution, and our Chairman remains personally available to meet with the Governor any time on this issue."

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